Panacea biotec saw a rise in their shares on Wednesday. The shares increased 20% after the company declared that it is setting up a JV in Ireland with US based Refana Inc. this collaboration is aimed to develop a vaccine for covid-19.The same is considered as a major reason for the rise in share value. The shares gained a value of 202.80, marking its upper circuit limit on the sensex.
The company is incessantly evaluating its responses to the coronavirus pandemic by joining hands with Refana Inc to develop of widely accessible vaccine.The joint venture company would be based in Ireland.
The partnership terms state that panacea biotec would be responsible for product development and manufacturing and the JV entity would undertake clinical developmentand regulatory submissions around the world.
Since the start of 2020, the company gained 53.93% or Rs. 202.80 against a fall of 17.37% on sensex. It gained 125.3 3% from the March lows. Rajesh Jain, managing director of panacea biotec said in a statement that the world requires a vaccine which is effective, healthy and accessible in the current manufacturing practices.The discovery should have the capacity and capability to cater to the global demand. He also assured that the joint venture aims to to produce more than 500 million doses of their covid-19 candidate vaccine.